Former Mastercard CEO Appointed as World Bank President

Ajay Banga has been chosen to take over as the World Bank's president after a recent worldwide effort to garner support.

After being nominated by US President Joe Biden in February, Banga was the lone candidate for the position and received support from the 25-member executive board. His five-year tenure in the World Bank is set to start on June 2, according to Politco.

Russia did not participate in the voting process, but a person familiar with the selection procedure said that Banga was "elected with resounding approval."

Ajay Banga had a four-hour interview with the World Bank board members on Monday before the decision was reached by a vote of 24 board members.

President Joe Biden congratulated Ajay Banga on his election as the next head of the World Bank and referred to the World Bank as a crucial organization for eradicating poverty and boosting prosperity globally, Al Jazeera reported.

According to Joe Biden, Banga's knowledge, experience, and creative thinking will make him a transformational leader. Biden also believed Banga would help the bank handle global issues like climate change that directly affect its aim to eradicate poverty.

Ajay Banga's Qualifications

Ajay Banga had several prominent roles in the public and commercial sectors before being nominated to lead the World Bank. He is the vice chairman of the private equity company General Atlantic and was born and raised in India. During his 10 years of employment there, he held the positions of President and Chief Executive Officer and, later, Executive Chairman.

He worked for Nestle in India for 13 years and was Citigroup's Asia-Pacific CEO. He spent over 10 years at Mastercard in several leadership roles, first as president and CEO, and then as executive chairman.

Additionally, Banga has served on the boards of numerous illustrious companies, including Dow Inc., Kraft Foods, and the American Red Cross.

The World Bank has entered a new chapter with the selection of Ajay Banga to replace David Malpass, who faced criticism for declining to clarify his stance on the effect of fossil fuels on global warming at a New York Times event in September, per CBS News.

Malpass's statement, "I'm not a scientist," sparked doubts about his climate change position.